INSM insider trades: 30,000 options exercised; 36,461 shares held

Rhea-AI Filing Summary

Insmed (INSM) reported an insider transaction by its Chief People Strategy Officer on 11/12/2025. The officer exercised 30,000 stock options at an exercise price of $26.46 and received common shares. On the same day, the officer sold shares in four tranches at weighted average prices of $192.45 (4,078 shares), $193.64 (6,575), $194.44 (19,183), and $195.88 (164), with ranges disclosed for each tranche. Following these transactions, the officer directly owned 36,461 common shares. Remaining derivative holdings were 15,760 options expiring on 05/12/2031, which are currently exercisable as described.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Schaeffer Orlov S Nicole

(Last) (First) (Middle)

700 US HIGHWAY 202/206

(Street)

BRIDGEWATER NJ 08807

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INSMED Inc [ INSM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief People Strategy Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/12/2025		M		30,000	A	$26.46	66,461	D
Common Stock	11/12/2025		S		4,078	D	$192.45(1)	62,383	D
Common Stock	11/12/2025		S		6,575	D	$193.64(2)	55,808	D
Common Stock	11/12/2025		S		19,183	D	$194.44(3)	36,625	D
Common Stock	11/12/2025		S		164	D	$195.88(4)	36,461	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$26.46	11/12/2025		M			30,000	(5)	05/12/2031	Common Stock	30,000	$0	15,760	D

Explanation of Responses:

1. This is the weighted average sales price representing 4,078 shares sold at prices ranging from $192.00 to $192.95 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

2. This is the weighted average sales price representing 6,575 shares sold at prices ranging from $193.02 to $194.01 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

3. This is the weighted average sales price representing 19,183 shares sold at prices ranging from $194.02 to $194.95 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

4. This is the weighted average sales price representing 164 shares sold at prices ranging from $195.42 to $195.96 per share. The Reporting Person undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer the number of shares sold at each price within the price range upon request.

5. The options became exercisable based on the following vesting schedule: 25% vested on the first anniversary of the grant date and an additional 12.5% vested on each sixth month anniversary date thereafter through the fourth anniversary of the date of grant. All options are currently exercisable.

Remarks:

	/s/ S. Nicole Schaeffer, by Michael A. Smith as Attorney-in-fact	11/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did INSM's officer do on 11/12/2025?

Exercised 30,000 stock options at $26.46 and sold shares in four tranches at weighted average prices between $192.45 and $195.88.

How many INSM shares does the reporting person now hold?

Direct beneficial ownership is 36,461 common shares after the reported transactions.

What were the sale prices and sizes reported?

Sales: 4,078 at $192.45, 6,575 at $193.64, 19,183 at $194.44, and 164 at $195.88; each includes a disclosed price range.

What options remain after the exercise?

The officer holds 15,760 stock options expiring on 05/12/2031, described as currently exercisable per the vesting schedule.

What role does the reporting person hold at Insmed (INSM)?

The reporting person is an Officer, titled Chief People Strategy Officer.

Were the sales executed under specific price ranges?

Yes. Each tranche lists a weighted average price with ranges, for example $192.00–$192.95 for 4,078 shares and $195.42–$195.96 for 164 shares.